Los Angeles (CoinChapter) – The Oasis Foundation announced that decentralized finance (DeFi) insurance and coverage provider Tidal. Will be integrating a version of its platform on the Oasis Network.
In a blog post, the Oasis Foundation noted that insurance will be important for users of the platform. By working with Tidal, the companies will be able to deploy new claims methods that preserves voters and user privacy.
The Oasis Foundation plans to leverage Tidal’s protocol to provide asset coverage for lending protocols and DEXs. This is similar to Ethereum’s DeFi ecosystem, where multiple projects launch new insurance platforms or directly offer coverage at the protocol layer.
The collaboration will help the Oasis Network keep smart contracts and their data confidential. It will also allow Tidal to expand their claims process to include anonymous voting on claims processing with their community.
The Oasis Foundation supports the development and ecosystem surrounding the Oasis Network. In 2018, it raised over $45 million and has since become the first privacy-enabled blockchain platform for open finance and a responsible data economy.
Last year, the Oasis Foundation partnered with Binance to allow exchanges to confidentially share threat assessment information. More recently, it has worked with automaker BMW on a plan to protect privacy while sharing data internally.
Oasis Foundation launched in November
The Oasis Foundation launched its mainnet last November with a focus on DeFi. It was followed by a token sale that netted the company an additional $10 million.
Tidal Finance, meanwhile, makes DeFi safer by providing insurance coverage for assets across chains. Users can select risk pools by choosing any combination of protocols or assets and their coverage terms.
DeFi continuing to set new records
The DeFi ecosystem has been on a tear since the start of 2021, recently reaching $100 billion in total value locked for the first time.
DeFi is now the equivalent to the 40th-largest United States bank, sitting between Silicon Valley Bank’s $97 billion in assets and BBVA USA’s $103 billion.